Thursday, 12 July 2018:Grenlec is encouraging customers to manage their electricity usage as rising world fuel prices are making electricity more costly.

Having dropped as low as 22 cents/unit of electricity (kWh) in 2016, the fuel charge has steadily increased to just over 45 cents over the last two years. This increase in the fuel charge for electricity is the direct result of higher world fuel prices, which have also driven up the price of fuel for transportation and cooking gas.

5-Year History of Fuel Charge Movement

Month

Cents (EC) per kWh (unit)

2014

2015

2016

2017

2018

Jan

63

48

29

32

39

Feb

63

41

25

33

41

Mar

63

38

23

34

42

Apr

63

37

22

34

43

May

63

38

24

33

44

Jun

63

39

26

32

46

Jul

63

40

29

32

46

Aug

63

39

30

31

Sep

62

35

30

32

Oct

61

33

29

34

Nov

58

32

31

36

Dec

54

31

31

38

Sensitising customers about the upward movement of fuel prices, Collin Cover, General Manager of Grenlec, noted, “the higher rates are solely due to the price of fuel on the world market. Grenlec’s non-fuel rate has not changed since 2016 when it declined. In fact, over the last 24 years, the non-fuel charge has increased by less than 3 cents”.

While the fuel charge is still well below 2012 levels when the rate reached as high as 69 cents/kWh, the Company’s General Manager is advising customers to be aware of the upward trend of electricity fuel prices. “While Grenlec and Grenada cannot control world fuel prices, our customers have the power to manage how much electricity they use in their homes and businesses. Despite our vision of a future in which renewable energy will make us more energy self-sufficient, we believe conserving energy and preserving our environment for the generations to come will continue to be important.”

Grenlec provides information about rates, conservation and bill management through its customer education programmes on radio, television and online. The Company hopes that customers will use the information to get the most value for the money they spend on electricity.